One leading broker is echoing Jim Flaherty’s concerns about bank irresponsibility, following BMO’s announced 2.99 rate on a 5-year-fixed mortgage Saturday, cautioning an abuse of the public trust.
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Controlling interest in Merix Financial has been sold to a large international equity firm, the lender’s CEO Boris Bozic told MortgageBrokerNews.ca, also sharing the news with employees Thursday.
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CMHC’s request Realtors refrain from labeling properties as "in foreclosure" on MLS was, in fact, designed to protect the market from the kind of collapse the U.S. is still recovering from, suggest brokers supportive of the policy.
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BMO is now sharing details about the infamous 2.99 campaign that sparked last year's vicious rate wars, suggesting it brought in a sizable number of new clients -- customers who didn't just stop at taking out a mortgage.
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